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Cuomo vetoes NYC investor tax credit

ALBANY (AP) -- Gov. Andrew Cuomo has vetoed legislation that would have established an investor tax credit for medical technologies and biotechnology in New York City.

Cuomo says it's better to defer consideration of the credit because of opposition by the city's Department of Finance, and a new city administration coming into office in January.

The legislation would have applied to angel investors who would own less than 50 percent of the emerging company after the investment.

The credit would be 2 percent of each qualified investment made during a taxable year for five years, up to $20,000 a year and $100,000 altogether.

Sponsors say it would provide an incentive for investing in small, early stage biotech and medtech businesses.

AP-WF-12-22-13 1633GMT